GE brings office towers to market

GE Real Estate Capital
will bring a nine-strong portfolio of office buildings worth about $500 million to market in the final stage of the sale of its $1.6 billion portfolio.

The latest portfolio includes towers such as 130 Elizabeth Street in Sydney, 90 Arthur Street, North Sydney, 18 St Georges Terrace in Perth and 127 Creek Street in Brisbane.

Buyers are expected to have the opportunity to buy either single or ­multiple towers.

The nature of the offer, through
CBRE
, is likely to draw in domestic ­buyers, particularly mid-tier players, private groups and syndicates that have not participated in earlier GE offers.

Late last year GE halted the marketing campaign on the bulk of a $500 million portfolio, after a shift in its strategy and as it contemplated the future of its property platform.

GE subsequently returned to market with a $600 million-plus portfolio of seven properties.

That portfolio, anchored by Allendale Square, one of Perth’s most ­coveted towers, also includes Melbourne’s 90 Collins Street and a number of Sydney towers: 210-220 George Street, 6-8 Underwood Street and 37 and 51 Pitt Street.

Groups competing for these assets include the likes of
Dexus Property Group
,
Lend Lease
,
Charter Hall Group
,
Abacus Property Group
and
Mirvac Group
.